US stocks were poised to end the week on a lackluster note Friday morning in New York as traders braced for earnings results from Citigroup and General Electric.
As of 6:15 am ET, the S&P Futures were down 3 points, the NASDAQ Futures were down 10 points, and the Dow Futures were down 33 points.
On Thursday, stocks rallied late for a second day in a row to finish in positive territory. The Dow closed up 95.81 points or 1.2 percent at 8,125.43, the Nasdaq closed up 43.64 points or 2.7 percent at 1,670.44 and the S&P 500 closed up 13.24 points or 1.6 percent at 865.30.
Citi is expected to report another quarterly loss. Earlier this week, fellow financial firms Goldman Sachs (GS) and JPMorgan Chase (JPM) turned in better-than-expected earnings results.
General Motors Corp. (GM) is coming under pressure from the U.S. government to consider shedding its GMC brand, the Wall Street Journal reported, citing people familiar with the discussions. The report specified that GMC's future is being discussed this week amid meetings of GM and task force officials.
General Motors President and Chief Executive Officer Fritz Henderson will be updating the media and financial analysts on company's restructuring activities at 10:15 a.m. ET
Friday, mobile device maker Sony Ericsson Mobile Communications AB reversed to a loss in its first quarter due to a sharp decline in net sales, resulting from lower unit shipments and prices. The 50:50 joint venture between Sony Corp and LM Ericsson Telephone Co also announced additional cost saving program, including about 2,000 job cuts.
Toshiba Corp (TOSBF.PK: News ) announced that it now expects its fiscal 2008 net loss of 350 billion yen, compared to the earlier outlook of net loss of 280 billion yen.
Hotel and leisure company Starwood Hotels & Resorts Worldwide, Inc. has filed a lawsuit against rival Hilton Hotels Corp. and its senior executives Ross Klein and Amar Lalvani for corporate espionage, theft of trade secrets and unfair competition. Hilton has responded stating that it would vigorously defend itself.
Google Inc. (GOOG), owner of Internet's most popular search engine, said Thursday after the markets closed that its first quarter profit rose 8.4% from last year, helped by higher revenue and tight cost control. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations but its quarterly revenue fell shy of analysts' forecast.
Biotechnology company Biogen Idec Inc. (BIIB), Thursday said its first quarter profit increased 50% from last year, boosted by continued sales growth of multiple sclerosis drugs Avonex and Tysabri and non-Hodgkin's lymphoma drug Rituxan. The company also reaffirmed its earnings outlook for fiscal 2009, indicated to come in below current analysts' expectations.
On the economic front, the Reuters/University of Michigan consumer confidence index is due to be released at 9:55 a.m. ET. Consumer confidence is expected to rise in the month, with economists forecasting an increase in the index to 58.5 from 57.3 in the previous month.
Fed Chair Ben Bernanke is due to deliver a keynote speech at the Kansas City Federal Reserve Bank's conference on Innovative Financial Services for the Underserved at 12 PM on Friday. Kansas City Federal Reserve President Thomas Hoenig is scheduled to deliver opening remarks in Washington at 8:30 AM ET.
In Asia Friday, Tokyo's Nikkei rose 1.75 percent. European shares were up modesltly in early dealing.
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